BlackRock, Fidelity invest in Circle Internet's $400M funding round

Financial giants BlackRock (NYSE:BLK) and Fidelity Management and Research have agreed to participate in a $400M funding round for Circle Internet Financial, showing that traditional finance firms deem it necessary to gain a foothold in the cryptocurrency space. BlackRock (BLK) will serve as primary asset manager of USCoin (USDC-USD) cash reserves and is forming a broader partnership with Circle to explore capital market applications for USDC. "Dollar digital currencies like USDC are fueling a global economic transformation, and Circle's technology infrastructure sits at the center of that change," said Jeremy Allaire, co-founder and CEO of Circle. Marshall Wace and Fin Capital are also part of the funding round, which is expected to close in Q2 2022. The new funding will support Circle's growth as demand for dollar digital currency and related financial services continues to scale globally, the company said. USCoin (USDC-USD) is one of the fastest-growing dollar digital currencies